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Sonic Automotive Continues to Grow its EchoPark Nationwide Distribution Network with Retail Hub Opening in St. Louis, Missouri
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Sonic Automotive, Inc. has expanded its EchoPark Automotive brand with the opening of a new Retail Hub in St. Louis, Missouri, marking its first location in the state.
This expansion contributes to EchoPark's goal of reaching 90% of the U.S. population by 2025, aiming for $14 billion in revenue. The brand's innovative retail model caters to consumer preferences for both online and in-person vehicle purchases, supported by proprietary research showing that 71% of consumers prefer starting online. EchoPark is positioned for continued growth in the pre-owned automotive market.
Positive
Expansion of EchoPark to St. Louis, increasing market coverage to 20 states.
Projected revenue growth of $14 billion by 2025.
71% of consumers prefer a hybrid online-offline purchasing approach, indicating strong market demand.
Negative
None.
The EchoPark Brand Offers Guests in the Greater St. Louis Area a Modern eCommerce Automotive Buying Experience
ST. LOUIS--(BUSINESS WIRE)--
Sonic Automotive, Inc. (“Sonic'' or the “Company”) (NYSE:SAH), a Fortune 500 Company and one of the nation’s largest automotive retailers, today announced the continued expansion of the EchoPark Automotive brand with the opening of its newest Retail Hub in St. Louis, Missouri.
EchoPark St. Louis is the brand’s first location in Missouri. This location follows the recent opening of its new Delivery Center in Columbus, GA and Retail Hub in Raleigh, NC. Missouri now expands EchoPark into 20 states and continues the brand’s expansion toward a nationwide distribution network that is expected to reach 90 percent of the U.S. population and generate $14 billion in revenues by 2025.
Retail Hubs and Delivery Centers are part of EchoPark’s exclusive model following consumer trends of online shopping to retail store buying desires within the auto category. The Brand’s recent proprietary research confirmed that 71% of consumers who will be in market over the next 24 months will start the process online but want to buy a pre-owned car in-person at a dealership. The Brand’s new exclusive website allows for any car to be sold to anyone, anywhere while expansion of new locations allows EchoPark to be a trusted source in the consumer’s neighborhood to take delivery. Retail Hubs are placed in major retail markets that have inventory on premise, while Delivery Centers are placed in strategic locations without onsite inventory allowing for much faster expansion. While Delivery Centers access inventory that’s online only, Retail Hubs sell inventory online and onsite. All are considered Experience Centers with Experience Guides and an Imagine Bar ready to help guests “find the one.” Regardless of location, the Brand’s success has come from their award-winning guest experience which is grounded in their mission of creating Happy Owners. This effort has generated over 50,000 5-Star ratings and reviews and over the past year EchoPark earned the highest consumer review ratings and received the highest in consumer sentiment within the categories of Pricing and Customer Service and Sales, amongst all major competitors within their segment.*
“We are very excited to announce the opening of our first EchoPark location in Missouri,” said David Smith, CEO of Sonic Automotive. “We are pleased with the progress we are making as a brand and I’m proud of our teammates for continuing to deliver happy owners, while growing the EchoPark brand at the same time. Our rapidly growing distribution network brings the best quality pre-owned cars with the best-proven value from the most caring staff who will deliver award-winning guest experiences to another key market.”
Following its 2014 launch, EchoPark has rapidly become one of the pre-owned automotive retail industry’s most prominent success stories. The Company continues to expand its EchoPark footprint into new markets, enabling its interim goal of retailing 575,000 vehicles while driving toward a two million vehicle annual sales opportunity at maturity.
*Based on Google Reviews between the months of 4/1/21 to 3/31/22.
Find Our Newest Location
EchoPark St. Louis is located at 18491 Outlet Boulevard, Chesterfield, Missouri. It is open Monday to Saturday from 9:00 am to 9:00 pm. The store can be reached at (636) 389-8832 or online at https://www.echopark.com/dealerships/st-louis.htm.
About EchoPark Automotive
EchoPark Automotive is one of the fastest growing and most comprehensive retailers of nearly new pre-owned vehicles in America today. Our rapid growth plan is expected to bring our unique business model to 90% of the U.S. population by 2025, utilizing one of the most innovative technology-enabled sales strategies in our industry. Our approach provides a personalized and proven guest-centric buying process that consistently delivers award winning guest experiences and superior value to car buyers nationwide, with savings of up to $3,000 versus the competition. We believe EchoPark is on pace to become the #1 retailer in the nearly new pre-owned vehicle market by 2025, and is already making its mark by earning the 2021 Consumer Satisfaction Award from DealerRater, expanding its Owner Experience Centers, developing an all-new digital ecommerce platform and focusing on growing its brand nationwide. EchoPark’s mission is in its name: Every Car deserves a Happy Owner. This drives the car buying experience for guests and differentiates EchoPark from the competition. More information about EchoPark Automotive can be found at www.echopark.com.
About Sonic Automotive
Sonic Automotive, Inc., a Fortune 500 company based in Charlotte, North Carolina, is on a quest to become the most valuable automotive retailer and service brand in America. Our Company culture thrives on creating, innovating, and providing industry-leading guest experiences, driven by strategic investments in technology, teammates, and ideas that ultimately fulfill ownership dreams, enrich lives, and deliver happiness to our guests and teammates. As one of the largest automotive retailers in America, we are committed to delivering on this goal while pursuing expansive growth and taking progressive measures to be the leader in this category. Our new platforms, programs, and people are set to drive the next generation of automotive experiences. More information about Sonic Automotive can be found at www.sonicautomotive.com and ir.sonicautomotive.com.
Forward-Looking Statements
Included herein are forward-looking statements, including statements regarding anticipated future U.S. population coverage for EchoPark, anticipated future revenue projections, and anticipated future retail unit sales volume projections. There are many factors that affect management’s views about future events and trends of the Company’s business. These factors involve risks and uncertainties that could cause actual results or trends to differ materially from management’s views, including, without limitation, economic conditions in the markets in which we operate, new and used vehicle industry sales volume, anticipated future growth in our EchoPark Segment, the success of our operational strategies, the rate and timing of overall economic expansion or contraction, the effect of the COVID-19 pandemic and related government-imposed restrictions on operations, and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other reports and information filed with the Securities and Exchange Commission (the “SEC”). The Company does not undertake any obligation to update forward-looking information, except as required under federal securities laws and the rules and regulations of the SEC.
